ALAFCO announces net profit of KD 9.9 million (US$ 32.9 million) for the first nine months of the fiscal year ending 30 September 2016
Kuwait City, Kuwait, 13 July 2016 – Vice Chairman of the Board and Chief Executive Officer of ALAFCO Aviation Lease and Finance Company (ALAFCO), Ahmad A. Alzabin, announced that the company earned a net profit of KD 9.9 million (US$ 32.9 million) for the first three quarters of the current fiscal year ending 30 September 2016.
Alzabin said in a statement released to the press after a meeting of the Board of Directors that the company is on track in the implementation of its strategy through sale and lease-back operations and through acquisition of aircraft with lease attached. Additionally, the company has contracted with Boeing and Airbus to acquire 117 new aircraft valued at US $14.9 billion to be delivered between 2017 and 2021. ALAFCO aims to have a fleet of more than 100 aircraft by the end of the decade, in order to position itself amongst the world’s top aircraft leasing companies.
ALAFCO is a Kuwait-based aircraft leasing company and is listed on the Kuwait Stock Exchange.